Vortex Energy Invests EUR46 Million In Ignis Energy

Vortex Energy, a platform for renewable energy managed by EFG Hermes’ private equity arm, has invested EUR46 million into Ignis Energy.

As per the sources, Vortex Energy would invest as much as EUR476 million via its Vortex Energy IV Fund. It will also be investing with its co-investors in Ignis through a series of capital injections. These capital injections will be used over the next few years, subject to certain conditions. This will enable Ignis to fund its growth plans, and transform itself into an integrated renewable independent power producer in Spain and other countries.

They also added that Vortex Energy IV’s capital contribution and its co-investors will enable Ignis, to acquire and operate a larger share of the projects it develops. The platform plans to invest approximately EUR176 million in equity during 1Q 2023.

Santander and Royal Bank of Canada provided financial advisor services to Vortex Energy, and Watson Farley Williams was the legal advisor. Citi provided financial advisory services, and Cuatrecasas offered advisory services.

The company will soon begin site preparations. It will eventually have approximately 500 MW of construction. Ignis’ management is actively involved in negotiating bilateral PPAs of more than 500MW with blue-chip off-takers and reputable off-takers. The company also has an international presence and can now aggregate approximately 11 GW of wind, solar, and battery storage pipelines outside of Spain.